TechFlow reported on January 14, according to Axios, that Project Eleven, a startup dedicated to protecting cryptocurrencies from quantum computing threats, has raised $20 million in funding, reaching a valuation of $120 million.
Quantum computing technology has the potential to break the underlying cryptographic mechanisms that secure cryptocurrencies, which has long been a concern for the crypto industry. Project Eleven focuses on addressing this issue by developing solutions resistant to quantum computing attacks, aiming to safeguard blockchain networks and digital assets.
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